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Boston's Condo Market Catches Fire As Prices Drop

 
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PostPosted: Tue Apr 20, 2021 3:06 am GMT    Post subject: Boston's Condo Market Catches Fire As Prices Drop Reply with quote

Apparently Boston condo prices dropped. I've been watching but haven't noticed anything significant.


https://www.bisnow.com/boston/news/multifamily/condo-prices-in-boston-fall-but-sales-of-smaller-units-surging-108532?fbclid=IwAR2i_TavK1vWmK2IOTb_dRJBtEkmEbpMA2uiGSmBK0yvmq8HIfc0NukDPJo
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PostPosted: Sun Apr 25, 2021 12:12 am GMT    Post subject: Re: Boston's Condo Market Catches Fire As Prices Drop Reply with quote

Anonymous wrote:
Apparently Boston condo prices dropped. I've been watching but haven't noticed anything significant.


https://www.bisnow.com/boston/news/multifamily/condo-prices-in-boston-fall-but-sales-of-smaller-units-surging-108532?fbclid=IwAR2i_TavK1vWmK2IOTb_dRJBtEkmEbpMA2uiGSmBK0yvmq8HIfc0NukDPJo


https://realestate.boston.com/buying/2021/04/23/mass-single-family-prices-surge-condo-sales-gain-momentum/

Because of Covid, people have been shunning city condos and moving to houses in the suburbs. House prices are +14.4% YOY in MA. I love this quote: "The market is more than just overheated — it’s a blast furnace, and in so many towns"
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PostPosted: Sun Apr 25, 2021 3:34 am GMT    Post subject: Re: Boston's Condo Market Catches Fire As Prices Drop Reply with quote

Anonymous wrote:
Apparently Boston condo prices dropped. I've been watching but haven't noticed anything significant.


https://www.bisnow.com/boston/news/multifamily/condo-prices-in-boston-fall-but-sales-of-smaller-units-surging-108532?fbclid=IwAR2i_TavK1vWmK2IOTb_dRJBtEkmEbpMA2uiGSmBK0yvmq8HIfc0NukDPJo



I know. Can someone show me where these cheap city condos are?
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PostPosted: Sun Apr 25, 2021 5:22 pm GMT    Post subject: Re: Boston's Condo Market Catches Fire As Prices Drop Reply with quote

Anonymous wrote:
Anonymous wrote:
Apparently Boston condo prices dropped. I've been watching but haven't noticed anything significant.


https://www.bisnow.com/boston/news/multifamily/condo-prices-in-boston-fall-but-sales-of-smaller-units-surging-108532?fbclid=IwAR2i_TavK1vWmK2IOTb_dRJBtEkmEbpMA2uiGSmBK0yvmq8HIfc0NukDPJo



I know. Can someone show me where these cheap city condos are?


You need to show a little more initiative if you want a cheap city condo. How are you able to survive on your own? Here are the Boston area condos under 300k. If you can't afford a 300k condo, you can sign up for the local city low income housing lotteries and with free down payments. Hint: google search.

https://www.redfin.com/city/1826/MA/Boston/filter/property-type=condo,min-price=150k,max-price=300k,viewport=42.4499:42.24742:-70.766:-71.17902,no-outline
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PostPosted: Tue Apr 27, 2021 3:07 am GMT    Post subject: Reply with quote

Shouldn't the exodus to the burbs have made market condos more affordable?
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PostPosted: Sat May 01, 2021 6:46 am GMT    Post subject: Reply with quote

Anonymous wrote:
Shouldn't the exodus to the burbs have made market condos more affordable?


In the Boston area, condos and houses will never be affordable, because there is a supply versus demand imbalance. Almost 500,000 people have moved into MA since the last bubble popped, but we have built fewer than 50k new housing units. Houses are not cars, you can't just build more somewhere else and sell them here. People need to leave to make housing affordable again. For example, school busing made Boston houses and condos affordable in the 70s when 100k people moved out of Boston.

Pre-covid, there were 10 buyers for every condo for sale. Now there are 5 buyers for every condo for sale and the bidding wars are over. You can get a condo for asking price or lower. The opposite happened for houses in the suburbs. 10:1 is now 15:1 in the suburbs and that's why you are getting bidding wars for almost every house.
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